
Alphabet is all set to have a new face to take up the role of Executive Chairman of the Board of Directors now that Eric Schmidt has announced his retirement from the position.
Schmidt, who 17-years-ago stepped in as the adult in the room to guide the then-young company, said he will spend his time working on science and technology issues and philanthropy. He also plans to spend time on philanthropy and on "science and technology issues", he said in the statement.
No reason was given for the sudden departure, which will likely lead to some speculation in the coming weeks.
"Larry, Sergey, Sundar and I all believe that the time is right in Alphabet's evolution for this transition", said Schmidt.
A new chairman of the board will be appointed for Alphabet.
More news: NBC paid Chris Matthews staffer after harassment claimGoogle attributes Mr. Schmidt as the person who was able to refine Google from what it originally was and into the mature powerhouse business that it has become today.
Page and Brin will continue to head up Alphabet and will retain voting control, but the shift underlines how "a new generation of leaders is firmly in charge at the giant company", according to The New York Times.
While Schmidt left the role of CEO, he has been acting as the company's executive chair ever since - and took on the same role at Alphabet, formed in 2015 to act as a parent company for Google and associated ventures. He made it clear that the company appreciated everything Schmidt had done for the company "particularly as we restructured from Google to Alphabet". Schmidt had previously worked at Sun Microsystems and Novell before being hired by Brin and Page to run the company.
In his advisory role, the expectation is that Schmidt will help spearhead Sidewalk Labs (Alphabet's deep learning initiative) and see him hands on with Verily and Calico working in healthcare.
This article was originally published by The Hollywood Reporter.
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